Swedbank AB Raises Stake in Sun Communities, Inc. (NYSE:SUI)

Swedbank AB boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 52.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 162,368 shares of the real estate investment trust’s stock after buying an additional 56,132 shares during the quarter. Swedbank AB’s holdings in Sun Communities were worth $21,944,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. PGGM Investments increased its stake in shares of Sun Communities by 159.9% in the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after acquiring an additional 767,126 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after buying an additional 424,842 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Sun Communities by 199.1% during the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock valued at $42,754,000 after buying an additional 238,498 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after buying an additional 111,569 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Sun Communities in the second quarter worth about $13,164,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Up 1.2 %

Shares of Sun Communities stock opened at $128.98 on Tuesday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The firm’s 50-day moving average price is $132.17 and its 200 day moving average price is $127.65. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $16.43 billion, a PE ratio of 69.34, a P/E/G ratio of 0.54 and a beta of 0.91.

Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter last year, the business earned $2.57 EPS. The business’s revenue was down 4.4% compared to the same quarter last year. On average, sell-side analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is 202.15%.

Analyst Ratings Changes

SUI has been the subject of a number of analyst reports. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price for the company. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. BMO Capital Markets dropped their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, Royal Bank of Canada decreased their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $139.08.

Sun Communities Company Profile

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.